Indian company bill act 1956 has been amended as 2012 with mandatory spending of 2% of its profit on CSR activity. About 11.5 lac companies are registered with the Registrar of Companies and it will be a large corpus available now for socio- environment improvement . The bill makes it mandatory to report on non compliances in all papers including balance sheet. The bill also demands reporting of CSR mandatory with distinction of SME and Large companies. The new bill inspires the new generation to opt for entrepreneurship. The bill of provision of one minimum woman director including 30% independent directors. The bills also make it mandatory to appoint new auditors after every five years. The bill provides stern action for auditors, promoters and independent directors for wrong due diligence and dereliction of duty. The bill lastry also have simplified laws to close the company in the event it is desired so by the promoters. The bill also has been reviewed in view of the latest technology, e-commerce, global trade, international best practices and regulations, innovations and global challenges. Let us see how much it serve the purpose to the aims and objectives as envisaged.
Posted on: Thu, 08 Aug 2013 12:17:06 +0000
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